First Seacoast Bancorp, Inc. (FSEA) Bundle
An Overview of First Seacoast Bancorp, Inc. (FSEA)
General Summary of First Seacoast Bancorp, Inc. (FSEA)
First Seacoast Bancorp, Inc. (FSEA) is a community bank headquartered in Dover, New Hampshire, established in 1890. The bank offers a variety of financial products and services, including personal banking, business banking, mortgages, and investment services. As of 2024, the company has reported total assets of $601.8 million, reflecting a growth of $30.7 million, or 5.4%, from $571.0 million at the end of 2023.
FSEA primarily serves the New Hampshire and southern Maine markets, focusing on retail banking, including checking and savings accounts, loans, and investment products. The bank's commitment to community involvement and customer service has positioned it favorably within the local market. Total sales for the bank's products and services have shown significant growth, particularly in the residential mortgage and commercial loan sectors.
Company's Financial Performance in the Latest Financial Reports
In the latest financial reports for the nine months ended September 30, 2024, First Seacoast Bancorp reported a net income of $895,000, a substantial increase of $1.9 million compared to a net loss of $987,000 for the same period in 2023. This turnaround was driven by a 27.8% increase in total interest and dividend income, which rose to $18.9 million from $14.8 million in the prior year.
The bank's net interest and dividend income for the three months ended September 30, 2024, increased by 16.2% to $3.0 million, up from $2.6 million in the same quarter of 2023. The growth in income is attributed to a rise in average interest-earning assets, which increased by $38.4 million to $574.6 million for the three months ended September 30, 2024. The weighted average annualized yield on interest-earning assets also improved, reaching 4.56% compared to 3.85% in the previous year.
The bank's non-interest income saw a notable increase of 95.2%, reaching $3.6 million for the nine months ended September 30, 2024, compared to $1.8 million in the same period of 2023, largely due to a $2.5 million gain from the sale of land and buildings.
| Financial Metric | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| Net Income | $895,000 | $(987,000) | $1.9 million increase |
| Total Interest and Dividend Income | $18.9 million | $14.8 million | $4.1 million increase |
| Net Interest Income | $3.0 million | $2.6 million | $415,000 increase |
| Non-Interest Income | $3.6 million | $1.8 million | $1.8 million increase |
Introduction to Company as a Leader in the Industry
First Seacoast Bancorp has established itself as a key player in the New England banking sector, recognized for its strong performance and community focus. The bank's strategic growth initiatives and commitment to customer service have allowed it to maintain a competitive edge in a challenging economic environment. With a focus on residential and commercial lending, FSEA is well-positioned to capture market share and continue its upward trajectory.
The bank's strong financial performance in 2024, including record-breaking revenues and significant increases in net income, highlights its effective management and operational strategies. As FSEA continues to innovate and expand its services, it remains a company to watch in the banking industry.
Mission Statement of First Seacoast Bancorp, Inc. (FSEA)
Mission Statement of First Seacoast Bancorp, Inc. (FSEA)
First Seacoast Bancorp, Inc. (FSEA) aims to provide exceptional banking services while fostering strong relationships with customers and communities. The company's mission statement underscores its commitment to delivering high-quality financial products and services, focusing on customer satisfaction and community engagement.
Core Component 1: Customer-Centric Approach
FSEA's mission emphasizes a customer-centric approach, which is reflected in their continuous efforts to enhance customer experience. In 2024, the bank reported a significant increase in non-interest income, rising by $1.7 million or 95.2% to $3.6 million for the nine months ended September 30, compared to $1.8 million for the same period in 2023. This growth was primarily driven by improved customer service offerings and increased engagement through digital banking platforms.
| Metrics | 2024 | 2023 | Increase |
|---|---|---|---|
| Non-Interest Income | $3.6 million | $1.8 million | $1.7 million (95.2%) |
Core Component 2: Community Engagement
Another vital component of FSEA's mission is its commitment to community engagement. In 2024, the bank actively participated in local initiatives aimed at economic development, contributing to community projects and supporting local businesses. The bank's total assets increased by 5.4% to $601.8 million as of September 30, 2024, reflecting its capacity to reinvest in the community.
| Metrics | As of September 30, 2024 | As of December 31, 2023 | Increase |
|---|---|---|---|
| Total Assets | $601.8 million | $571.0 million | $30.7 million (5.4%) |
Core Component 3: Commitment to Quality
FSEA's mission statement also highlights its commitment to quality in its product offerings. The bank's focus on maintaining high standards in loan origination and customer service is evident in the performance of its loan portfolio. As of September 30, 2024, net loans increased by $7.9 million or 1.9% to $434.5 million compared to $426.6 million at the end of 2023, showcasing the bank's effective management and growth strategies.
| Metrics | As of September 30, 2024 | As of December 31, 2023 | Increase |
|---|---|---|---|
| Net Loans | $434.5 million | $426.6 million | $7.9 million (1.9%) |
Vision Statement of First Seacoast Bancorp, Inc. (FSEA)
Vision Statement Overview
The vision statement of First Seacoast Bancorp, Inc. (FSEA) emphasizes a commitment to community engagement and financial growth. As of 2024, the company aims to be recognized as a leading financial institution in the markets it serves, focusing on sustainable practices and innovative banking solutions.
Commitment to Community
First Seacoast Bancorp is dedicated to enhancing the quality of life in its communities. The vision underscores the importance of local relationships and contributions to community development. This commitment is reflected in the company’s initiatives, such as supporting local businesses and community programs.
Financial Growth and Stability
The vision statement articulates a goal of achieving financial stability and growth. For the nine months ended September 30, 2024, net income was reported at $895,000, a significant increase from a net loss of $987,000 for the same period in 2023. The total assets of the company reached $601.8 million, marking a 5.4% increase from $571.0 million at the end of 2023.
Innovative Banking Solutions
FSEA’s vision includes a commitment to innovation in banking services. The company has been focusing on enhancing its digital platforms to improve customer experiences. As of September 30, 2024, total interest and dividend income increased to $18.9 million, reflecting a 27.8% rise from $14.8 million in the previous year. This growth is attributed to advancements in technology and service delivery methods.
Sustainability Practices
First Seacoast Bancorp aims to integrate sustainability into its business model. The vision includes initiatives to reduce the environmental impact of its operations. The company is focusing on sustainable investment practices and promoting energy-efficient solutions in its banking services.
Table of Key Financial Metrics
| Financial Metric | September 30, 2024 | December 31, 2023 | Change (%) |
|---|---|---|---|
| Net Income | $895,000 | $(987,000) | +190.7% |
| Total Assets | $601.8 million | $571.0 million | +5.4% |
| Total Stockholders’ Equity | $65.8 million | $66.6 million | -1.2% |
| Interest and Dividend Income | $18.9 million | $14.8 million | +27.8% |
| Average Interest-Earning Assets | $566.1 million | $528.5 million | +7.1% |
Future Outlook
FSEA's vision for the future includes expanding its market presence while maintaining strong community ties. The focus on innovative solutions and sustainable practices positions the company for long-term success in the evolving financial landscape.
Core Values of First Seacoast Bancorp, Inc. (FSEA)
Integrity
The core value of integrity is at the heart of First Seacoast Bancorp, Inc.'s operations. It emphasizes honesty, transparency, and ethical behavior in all business dealings.
In 2024, First Seacoast Bancorp demonstrated its commitment to integrity through stringent compliance with regulatory standards, evidenced by exceeding all capital requirements as of September 30, 2024. The Company maintained a Tier 1 capital ratio of 14.27%, well above the minimum requirement of 6.00%.
Customer Focus
Customer focus is a vital core value, ensuring that the needs and satisfaction of customers are prioritized in every aspect of the business.
In 2024, First Seacoast Bancorp launched several customer-centric initiatives, including enhanced digital banking services that contributed to a 4.0% increase in one- to four-family residential mortgage loans, totaling $279.8 million as of September 30, 2024. The Company also reported an increase in customer service fees, reaching $543,000 for the nine months ended September 30, 2024.
Community Commitment
Community commitment reflects First Seacoast Bancorp's dedication to supporting the local community through financial and social initiatives.
As of September 30, 2024, the Company had approximately $94.0 million available for additional borrowings from the Federal Home Loan Bank, which it utilizes to fund community development projects. Furthermore, First Seacoast Bancorp engaged in programs aimed at promoting economic development within the community, which included participation in the Jobs for New England program that provides loans at favorable rates to qualifying small businesses.
Innovation
Innovation drives First Seacoast Bancorp to continuously improve and adapt to changing market conditions and customer needs.
The Company embraced innovation in 2024 by investing in technology to streamline operations, resulting in a net income of $895,000 for the nine months ended September 30, 2024, compared to a net loss of $987,000 for the same period in the previous year. This focus on innovation also included the enhancement of online banking platforms, which saw increased user engagement and satisfaction.
Teamwork
Teamwork fosters collaboration and shared success within First Seacoast Bancorp, enhancing overall performance and employee satisfaction.
In 2024, the Company reported a total stockholders' equity of $65.8 million, a decrease of only 1.2% from the previous year, which reflects the cohesive efforts of its teams to manage resources effectively. Employee participation in the Employee Stock Ownership Plan (ESOP) further illustrates this value, with $3.9 million in unallocated shares, reinforcing a culture of shared ownership and responsibility.
| Core Value | Examples of Commitment | Key Metrics |
|---|---|---|
| Integrity | Exceeding capital requirements | Tier 1 capital ratio: 14.27% |
| Customer Focus | Enhanced digital banking services | Residential mortgage loans: $279.8 million |
| Community Commitment | Funding community development projects | Available borrowings: $94.0 million |
| Innovation | Investment in technology | Net income: $895,000 |
| Teamwork | Employee Stock Ownership Plan | Unearned compensation: $3.9 million |
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Resources:
- First Seacoast Bancorp, Inc. (FSEA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of First Seacoast Bancorp, Inc. (FSEA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View First Seacoast Bancorp, Inc. (FSEA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.